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Wow IV, that's some volatile stock you've got! I'd say hang on and scalp your gammas for all they're worth! Here's an answer to your points, one at a time: 1. Right. At the outset I said that you have the same thing for all practical purposes, but that margining etc. may differ. Your...

B does the same as A. If A buys 1K stock, so does B. They end up with the same thing. It's an illusion that a put and a call are different in any meaningful way. They're not. They're only different in the most superficial way - their deltas - and it is a trivial matter to adjust that with...

I think you mean to ask if long 20 straddles = 40 puts +2k long stock. My answer would be that both positions give you the same amount of gammas at the same strike, and the same delta - so for all practical purposes, yes. There may be different margining implications, etc.

In the more liquid contracts, that strategy may work. I think the otm options have a tighter spread than the atm or itm options because their delta is smaller.

Two different games entirely. If you're interested in playing the direction of the futures, play the futures. It takes a fair amount of knowledge in options to understand the additional dimensions of implied volatility, gammas and time that options bring to the table. I wouldn't risk (a lot...

If you like, you can specify, for example, "I'll buy 20 1300 calls at 27 and sell 10 futures at 1300. Do it as a spread." The guys in the pit love such orders - it's one-stop shopping for them, as they tend to delta-hedge in the futures each time they buy or sell options anyway. But I'm not...

The following article describes the practical use of gammas pretty well - http://findarticles.com/p/articles/mi_qa5282/is_200709/ai_n21255481 - although I don't claim to be an impartial reviewer!